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  "docSlug": "9abaa7a9bbfc",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 11,
  "pageCount": 334,
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  "notes": "The slide uses a narrative of 'CEO resignation at peak' as a red flag for potential fraud, citing Enron and Scorpion Capital's analysis.",
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      "kind": "callout",
      "text": "このような条件が揃った上状況で、長年舵取りをしてきたCEOが退任するのは、当該企業の終わりが近いと強く連想される。",
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      "kind": "paragraph",
      "text": "レーザーテックのCEOを長年務めてきた岡林 理は、数週間前に突然退任を表明した。四半期の決算発表に次ぐ発表で、同社の株価は「史上最高」に近い水準にあった。このような条件が揃った上状況で、長年舵取りをしてきたCEOが退任するのは、当該企業の終わりが近いと強く連想される。不正を持続できなくなったため、CEOあるいは最高財務責任者（CFO）が退任する。米国の史上最大の不正会計事件では、エンロンのCEOが突然辞任し、株式市場に波紋を広げた。同社の粉飾決算を疑いもしなかった投資家たちは驚かされたが、わずか数ヶ月後、同社は破綻してしまった。辞任のタイミングについて、岡林は理由をほぼ明かさなかった。また、辞任表明後にレーザーテックの株価が伸びたので、投資家の間で辞任の話題はさほど注目されもせず、明らかに投機への熱はいっそう高まっていた。",
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      "text": "出典：スコーピオン・キャピタルによる推定及び分析",
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